Despite a notable contraction in tech funding across Southeast Asia (SEA) in 2024, Singapore has emerged as a beacon of resilience and opportunity.
Tracxn’s annual report highlights the city-state’s commanding presence, accounting for an impressive 67.86 per cent of the region’s total tech funding. This dominance underscores Singapore’s enduring appeal as a hub for innovation and investment, even during challenging periods.
In this climate, local players like Funding Societies continue to shine. The fintech platform recently secured US$25 million to bolster its payments business across SEA, further cementing its position as a critical enabler of SME growth. With over US$4 billion in financing distributed to about 100,000 SMEs, Funding Societies exemplifies how fintech innovation drives meaningful impact.
Meanwhile, sustainability-focused ventures also gained momentum. Earth Venture Capital’s US$9.5 million backing of Mojave Energy Systems showcases a commitment to green tech innovation. Mojave’s upcoming ArctiDry HP, an air conditioning breakthrough blending liquid desiccant technology with a reversible heat pump, reflects the region’s growing emphasis on sustainable solutions.
These milestones remind us that, even in lean times, strategic investments and groundbreaking technologies continue to shape the narrative, reaffirming SEA’s dynamic and resilient tech ecosystem.
Anisa,
Editor
—–
NEWS & VIEWS
Report: Despite significant tech funding decline in 2024, Singapore emerges as standout performer
Singapore secured 67.86 per cent of the region’s total tech funding in 2024, according to Tracxn in their annual report
Funding Societies raises US$25M to further expand payments business in SEA
Funding Societies said it has achieved over US$4 billion in business financing, serving about 100,000 SMEs
1337 Ventures invests in Vircle to transform financial literacy for kids across SEA
Designed to help children spend responsibly, Vircle aims to bank one million children in Malaysia and expand across SEA within five years
bolttech announces Series C funding led by Dragon Fund to push for global growth
bolttech currently serves customers in more than 35 markets across Asia, Europe, North America, and Africa
Earth Venture Capital backs Mojave Energy Systems in US$9.5M Series A funding
Mojave plans to unveil ArctiDry HP, the first air conditioning system to integrate liquid desiccant technology with a reversible heat pump
Swipey gets funding from 1337 Ventures to automate financial process for Malaysian businesses
This investment comes on the back of Swipey winning the MyFintech Week competition hosted by Bank Negara Malaysia
FEATURES & INTERVIEWS
These startups are using AI to help improve the lives of people with disabilities
At AWS re:Invent 2024, these startups exemplify how AI can be leveraged to address challenges marginalised communities face
APAC travellers of 2024: Singapore shows high trust in travel platforms, but deals remain a decisive factor
However, for travel brands aiming to strengthen their presence, the report underscores the importance of going beyond competitive pricing
FROM THE ARCHIVES
Are large Vietnamese tech enterprises ‘indifferent’ when competing with ChatGPT?
Vietnamese startups have been creating comparable chatbot platforms quite actively ever since ChatGPT was created
AI revolution: Balancing human empathy and robotic efficiency in customer service
Striking a balance for an effective blend of AI and human empathy is key in the future of customer service
Is generative AI the game-changer for productivity?
While Generative AI can automate various tasks, it cannot entirely replace human creativity, empathy, and critical thinking
The synergy of AI and DeFi: Shaping the future of finance
DeFi systems are able to adapt to market demands and provide cutting-edge monetary services to more people because they utilise AI
How technology is addressing the manpower crunch in Singapore’s security sector
We need to revamp and focus on the adoption of technology while acknowledging the human aspect of the job that goes hand-in-hand with its use
Building resilience against cyber attacks in ASEAN through data
The foundation for cybersecurity begins with complete visibility over enterprise data and the controls around it
How a data-driven approach can optimise decarbonisation in the built environment
Granular data is key to decarbonising real estate, enabling targeted improvements and optimising ESG goals for greater sustainability
THOUGHT LEADERSHIP
Celebrating community-driven growth: Top 27 contributors of 2024
Here’s a round-up of 27 noteworthy contributors whose insights and expertise stood out in 2024
A recap of e27 Contributor Programme’s noteworthy offerings in 2024
Explore the 2024 journey of the e27 Contributor Programme, highlighting its growth and looking forward to exciting innovations in the coming year
Navigating Asia’s business boom: The quantum leadership advantage
At the dawn of a new era in business, quantum leadership principles provide a compelling path to success in Asia
A modern approach to earning: How staking and restaking are reshaping investment opportunities
Web3 staking and restaking are creating passive income opportunities, promoting decentralisation and network security
Notice periods: Are long goodbyes a sign of inefficiency?
Shorter notice periods reflect efficiency, enable smoother handovers, and boost morale by allowing employees a clean and timely transition
Cooking 2.0: How startups are revolutionising the kitchen
Startups are revolutionising the way we interact with food, blending technology and tradition to create smarter, more sustainable kitchens
Redefining success: What it takes to build a fulfilling career
Redefining success shifts focus from financial metrics and career progression to personal fulfilment, creativity, and growth
Top 5 strategies on how startup founders can drive healthy, rapid growth in an uncertain economy
Startups can still thrive in a volatile market by making smart and sustainable decisions that align with the unique regional context
Navigating Asia’s business boom: The quantum leadership advantage
At the dawn of a new era in business, quantum leadership principles provide a compelling path to success in Asia
—
Image Credit: Guo Xin Goh on Unsplash
The post Ecosystem Roundup: Singapore stands out despite tech funding decline | Funding Societies gets US$25M appeared first on e27.